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Chinese Towel Giant Sunvim Goes Public

Shenzhen, China — One of China's largest home textiles manufacturers has recently gone public.

Sunvim Group Co. Ltd. celebrated its Initial Public Offering of class A stock on the Shenzhen Stock Exchange late last month. The IPO of 79 million shares raised 528 million yuan, or approximately $67.4 million.

Sunvim is China's largest towel producer, but also produces bedding and decorative fabrics. Home textiles sales in 2005 were approximately $105.5 million, according to HTT research. Sunvim's primary markets are Japan, the United States, and Europe. The company also operates chemical production facilities and a thermoelectric plant.